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–Annie, a Client in EB-5 Investment Immigration (2024)
–Ms. Liu, a Client in Real Estate (2023)
–Mr. Zhang, a client in China Practice (2023)
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Selling Coop (you are the seller)
- Seller signs commission / agency agreement with real estate broker unless you sell the coop by yourself without using a real estate agent;
- Seller retains an real estate Attorney after having a potential buyer;
- Seller’s Attorney prepares contract and sends to Buyer’s Attorney for review;
- Seller’s Attorney receives four copies of the contract with down-payment deposit (usually 10% of the contract price) from Buyer’s Attorney and deposits into Attorney’s escrow account;
- Seller signs the contract with his/ her attorney and two copies of the executed contract of sales will be delivered back to buyer’s attorney; Contract is formed;
- Seller, through his attorney, after receiving loan commitment letter (if there is a mortgage contingency clause under the contract) and lien search report, shall:
- Clear any problem in the lien search report, if any;
- Order payoff letter from current mortgage bank, if any;
- Contact coop attorney about closing instruction/fees for Seller;
- Prepare transfer forms;
- Provide lists of check cutting to Buyer’s attorney;
- Schedule the payoff bank in surrendering the original stock and proprietary lease with UCC-3 form, if there is an existing mortgage;
- Provide a final inspection chance to buyer prior to closing;
- Closing. Seller shall be present at the closing table;
- On the scheduled time, all the parties whose names are on the stock / contract shall attend the closing unless a proper POA (Power Of Attorney) is used at closing;
- With proper ID;
- Bring with original stock certificate and proprietary lease, if not hold by the bank;
- Do adjustment on maintenance charges, etc.
- Deliver the keys and provide other information such as utility companies, cable / TV providers, etc. to the purchaser;
- Sign the documents which may include stock surrendering / transfer, ACRIS forms, pay transfer taxes and fees as required; and
- Receive your final balance payment from the Purchaser.